The term disability income (DI) insurance refers to an insurance policy that provides income to individuals who can no longer work because of a disability.
Disability insurance is also called disability income (DI) insurance. If you become too sick or injured to work for an extended period of time, DI could help cover a portion of your income, including bonuses and commissions
How many disability insurance do I need?
The need to have a disability insurance depends upon person to persons which includes many factors like the – lifestyle one follows, family health records, vulnerabilities in the job or risky occupations. Few people take short term disability insurance who often move in and out of disability. Whereas there are people who are self employed or are in the highly skilled and reputed occupations they mostly prefer to takes individual long term disability insurance. The above mentioned factors also play an important role in deciding which disability income insurance does one need depending upon one’s needs and wants.
If you are an employee and you have been provided with a group disability insurance by the employer than also it might not be sufficient for you. Although, according to its affordability the income protection policy gives you a good value. But, it is not enough you need to add extra layer of protection by getting individual disability insurance.
- Best recommended disability insurance policies are – long term disability insurance and short term disability insurance. Depending upon your needs you can take group disability insurance or individual disability insurance. There are many more options in the plans which you can choose depending on your needs and these plans can also be customized.
Who should consider disability insurance income?
Disability insurance protects around 70% of your income depending upon the plan and its maturity period as well as age. If you get disability due to injury, accident or illness this income substitution would protect most part of your income. If you are among that group of people who do not tend to save money or are in a highly skilled job then you must be willing to get disability insurance because once if you loose job you won’t be having any income backup which can look after your finances.
Every young employees and gig economy workers should consider taking disability insurance because the figures of different studies says that 6 out of 10 income earning individuals will get disability in their working age itself. So, think about the income opportunities you will lost in your prime earning age. But, on the other hand if you have a disability insurance policy than most part of your income would be recovered when you won’t be able to work in the non working time most probably due to disability.
Having disability income insurance has become of a paramount importance because of the value that it creates to your life. If you want to get an affordable disability insurance policy, you can just visit the Instant Disability website right now.
